taxation

Donation

Definition from Nolo’s Plain-English Law DictionaryA gift of property. The IRS allows you to take an income tax deduction for the value of donations made to charitable organizations that are recognized as such by the IRS.

Definition provided by Nolo’s...

Donative Intent

Definition from Nolo’s Plain-English Law DictionaryThe conscious desire to make a gift, as distinguished from giving something as a gift by mistake or under pressure.

Definition provided by Nolo’s Plain-English Law Dictionary.

Donee

A donee is a person who receives an asset or assets to another person or legal entity.

Donee Beneficiary

A third party beneficiary where the creation of such a relationship is not intended, where the donee beneficiary receives a gift of performance from one of the contracting parties, and there is an exchange of consideration between the contracting...

Donor

A donor is a person who gives an asset or assets to another person or legal entity.

Double Taxation

Definition

Refers to the imposition of taxes on the same income, assets or financial transaction at two different points of time. A common example is the taxing of shareholder dividends after taxation as corporate earnings. Another common example is...

Duty

1) Requirement to perform some conduct required by law, custom, morality, or personal commitment. This requirement often created a right in the other that the duty be performed, and a breach of such duty (ex. Fiduciary duty, duty of...

Dynasty Trust

A trust designed to avoid transfer and estate taxes by passing wealth down through family generations.

These trusts are irrevocable and often limited by state rules against perpetuity.

EA

An Enrolled Agent is a tax professional authorized by the US government to represent individual taxpayers in dealings with the Internal Revenue Service.

Earned Income

Definition from Nolo’s Plain-English Law DictionaryCompensation for services rendered, such as wages, commissions, and tips.

Definition provided by Nolo’s Plain-English Law Dictionary.

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